Brokerage payment rules: no TDS on broker fees and mandated settlement and reimbursement procedures for relief and savings bonds subscriptions. The circular mandates broker enrolment on business letterhead with code allocation by agency banks, assigns agency banks responsibility for appointed sub-agents and permits delisting of dormant brokers after notice. It prescribes a flat brokerage payable to registered brokers for Bond Ledger Account investments, disallows brokerage when the broker is an investor, and states that no tax is to be deducted at source on such brokerage. Agency banks must promptly settle brokerage claims and may use ECS for monthly payments; reimbursement is centrally processed with interim and final settlement tied to reporting.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Brokerage payment rules: no TDS on broker fees and mandated settlement and reimbursement procedures for relief and savings bonds subscriptions.
The circular mandates broker enrolment on business letterhead with code allocation by agency banks, assigns agency banks responsibility for appointed sub-agents and permits delisting of dormant brokers after notice. It prescribes a flat brokerage payable to registered brokers for Bond Ledger Account investments, disallows brokerage when the broker is an investor, and states that no tax is to be deducted at source on such brokerage. Agency banks must promptly settle brokerage claims and may use ECS for monthly payments; reimbursement is centrally processed with interim and final settlement tied to reporting.
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